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Paid Credit Repair Increases Consumers’ Credit Scores Surprisingly Well, New Study by Credit Knocks Finds

October 23, 2019 GMT
Paid Credit Repair Increases Consumers' Credit Scores Surprisingly Well, New Study by Credit Knocks Finds
Paid Credit Repair Increases Consumers' Credit Scores Surprisingly Well, New Study by Credit Knocks Finds

SAN DIEGO, Calif. - October 23, 2019 - ( Newswire.com )

According to new research from Credit Knocks, ​48.1% of consumers who paid for professional credit repair services for 6 months or more saw an increase of 100 points or more to their credit score. Only 12% of respondents said they had a credit score increase of 24 points or less.

Overview of Credit Repair Services - Credit repair is a $3 billion per year industry in the U.S. according to IBIS World. Companies that provide credit repair services help consumers with bad and/or damaged credit. Common services offered are the removal of negative items from the customers’ credit reports (late payments, charge offs, collections), setting up payment plans with creditors, and debt consolidation plans.   

Impact of the Study - Many personal finance experts question if credit repair companies are truly effective and question if credit repair is ethical.  The Credit Knocks study surveyed 500 U.S. adults ages 25+ in October 2019 and found that a surprisingly high percentage of respondents indicated a positive credit score gain, especially when the respondents stuck with their credit repair company for 6 months or more, and mostly reported a favorable user experience. Some of the key statistics found were:

Consumers’ Surprising Criticism of Credit Repair Companies - Even though consumers’ results (as measured by credit score increase) were very impressive overall, a significant percentage of consumers criticized their companies’ business practices and billing.  Key statistics:

For questions about the survey or to comment on the findings, contact Chris Huntley at chris@creditknocks.com.

Credit Knocks is the #1 resource for individuals with a 400-720 credit score to improve their credit.  

Related Links

Credit Repair Statistics: 2019 Study Reveals Its Cost & Effectiveness

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Original Source: Paid Credit Repair Increases Consumers’ Credit Scores Surprisingly Well, New Study by Credit Knocks Finds